Centrum Group will offer wealth management services to rich clients of Lakshmi Vilas Bank (LVB) as part of a tie-up, two people aware of the matter said.

The bank will refer its high-networth individual (HNI) clients to Centrum Wealth Management, which will manage their investment portfolios. Centrum Wealth manages assets of around Rs10,000 crore. Lakshmi Vilas Bank’s customers are mostly in south India.

“The bank’s data analytics points that clients invest a lot of money directly and through AMCs (asset management companies). So, this is a good opportunity to tap into the opportunity,” one of the two people mentioned above said.

The people mentioned above did not provide clarity on the revenue-sharing details.

Spokespersons for Centrum and Laxmi Vilas Bank did not reply to emails sent on Friday.

A PTI report on 24 January said Centrum Wealth Management has set a target of achieving Rs50,000 crore assets under management over the next five years.

In August, Centrum and leading Qatar lender Doha Bank signed a strategic tie-up to leverage each other’s network and scale up their respective operations in India and GCC countries in banking, wealth management and foreign exchange. GCC refers to the Gulf Cooperation Council, a political and economic alliance of six West Asian countries—Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain and Oman.

Last month, Centrum Group said it plans to launch a dedicated alternative asset unit—Centrum Asset Management—and hired co-founder and managing director of PE fund Blue River Capital, Shujaat Khan to head it.

The Centrum Group was set up in 1995 by Chandir Gidwani and Khushrooh Byramjee, and is an integrated financial services firm including its investment banking (equity and debt), wealth management, institutional broking and forex services.